The Reko Diq case, officially known as the Tethyan Copper Company Pty Limited v. Islamic Republic of Pakistan is an ongoing legal case between the Government of Pakistan and the Tethyan Copper Company (TCC) over breach of the Australia–Pakistan Bilateral Investment Treaty (BIT) and illegal denial of mining rights to TCC at the Reko Diq Mine in Chagai District, Balochistan.
[1] In November 2011, TCC took the matter to the World Bank Group's International Centre for Settlement of Investment Disputes (ICSID) to seek compensation of $11.43bn in damages after the Balochistan government turned down the leasing request from the company.
[2] In January 2013, the Supreme Court of Pakistan declared the CHEJVA agreement as void, because Balochistan had exceeded its powers by signing it, and invalid, because it was contrary to public policy.
[4][3] However, Pakistan missed the deadline and was unable to provide the bank guarantee or LC for 25% of the amount, as a result of which on 16 December 2020, the British Virgin Islands high court passed an order to attach some of PIAIL's assets.
[6] On 5 April 2021, the Secretary Aviation Division reported to a Committee headed by Deputy Chairman Planning Commission that the Roosevelt Hotel in New York, owned by Pakistan International Airlines (PIA) has been indirectly attached by a court in the Reko-Diq case.
The high court of the British Virgin Islands (BVI) has voided the earlier verdict in the Reko Diq case.